Proptech firm Square Yards’ fintech arm, Urban Money, which states that it currently operates in over 250 cities, is aiming to facilitate mortgage disbursements of over INR 30,000 Cr in FY24, establishing itself firmly as India’s largest real estate & mortgage ecosystem, the proptech firm said in a release.
As per the media statement, Urban Money said, it facilitated the disbursal totalling INR 15,370 crore in the last fiscal year through various channels including banks, housing finance companies, and non-banking financial companies (NBFCs).
The proptech firm said the mortgage platform was incubated as a fintech solution within the Square Yards proptech ecosystem to capture the captive home loan business originating from Square Yards’ real estate transactions.
“In India, nearly 65% of a homebuyer’s savings are allocated to the pursuit of homeownership. Housing finance dominates the retail lending landscape and most of the fintech action in India is centred around this unsecured space. Facilitating a home loan mortgage transaction involves navigating complex valuation decisions, extensive documentation, and stringent regulations, besides having deep expertise in the real estate value chain. We identified this fundamental gap in 2019 and cracked this space in last four years emerging as the largest mortgage marketplace in the country” said Tanuj Shori, Founder and CEO, Square Yards
It said it has partnered with NSDL and credit bureaus and integrates with LOS systems of banks for quick loan disbursals and has collaborated with over 100 plus banks and NBFCs ensuring compliance with offline teams for documentation.
“Urban Money is not merely revolutionizing the financial landscape; it’s empowering homebuyers with the keys to seamless homeownership. Through our innovative tech platform, we are digitizing the loan process, simplifying complexities, and making loans accessible to everyone. With record disbursements Y-o-Y, we are proud to bridge the financial gap in non-metros and rewrite the traditional lending playbook,” said Amit Prakash, Co-Founder and CBO, Urban Money.